PRESS RELEASE GENERALI GROUP REPORTS RECORD HALF-YEAR RESULTS: NET PROFIT SOARS TO 1,777.6 MILLION +26.7%

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1 PRESS RELEASE CONSOLIDATED RESULTS AT 30 JUNE 2007 GENERALI GROUP REPORTS RECORD HALF-YEAR RESULTS: NET PROFIT SOARS TO 1,777.6 MILLION +26.7% SALE OF 100% OF NUOVA TIRRENA TO GROUPAMA RESUMPTION OF SHARE BUY-BACK PROGRAM FIRST-HALF RESULTS: STRONG IMPROVEMENT IN OPERATING RESULT TO 2,880.5 MILLION +28.3% LIFE OPERATING RESULT +24.1% NON-LIFE OPERATING RESULT % TOTAL PREMIUM INCOME 34.4 BILLION + 5.1% NON-LIFE PREMIUMS 11.2 BILLION, UP 17% LIFE ANNUAL PREMIUM EQUIVALENT (APE) 2,187.9 MILLION, UP 6.4% STRONG IMPROVEMENT IN ALL PERFORMANCE INDICATORS COMBINED RATIO IMPROVES TO 95% FROM 95.9% TOTAL NEW BUSINESS VALUE GAINS 22% TO 535 MILLION EMBEDDED VALUE UP TO 27 BILLION FROM 25.8 BILLION AT THE END OF 2006 NORMALISED ROEV AT 14.4%, FROM 11.7% AGREEMENT REACHED FOR THE SALE OF 100% OF NUOVA TIRRENA TO GROUPAMA OVERALL PRICE OF 1.25 BILLION IMPLIED MULTIPLE 2.4 X EMBEDDED VALUE ESTIMATED CAPITAL GAIN OF ABOUT 240 MILLION RESUMPTION OF SHARE BUY-BACK PROGRAM FOR MAXIMUM 1.5 BILLION Venice, 2 August At a meeting today chaired by Antoine Bernheim, the Board of Directors of Assicurazioni Generali approved the Group s consolidated half-year report and the Parent Company financial statements for the six months to 30 June During the meeting, the Board congratulated Chairman Bernheim who was recently appointed to the Grand Croix, the highest class in the order of the Legion d'honneur, by the President of the French Republic, Nicolas Sarkozy. The honour, awarded to a select group of distinguished personalities, was given to Mr Bernheim for outstanding achievements as a member of the global economic and financial community and is a source of pride to Assicurazioni Generali, where Antoine Bernheim has been an esteemed and valued leader for more than 30 years. 1

2 The excellent results confirm that the Generali Group is well on its way to meeting its ambitious strategic targets: innovation and growth, operating efficiency and optimisation of capital management. The measures taken to achieve these goals have pushed consolidated net profit to 1,777.6 million, a year-on-year improvement of 26.7% ( 1,403.3 million in the first half of 2006). The rise in the Group s net profit reflects the sharp increase in profitability in both the Life and the Non-Life businesses, as well as the contribution of the Toro Group (approximately 106 million), which was not part of the Group in the first half of This healthy trend in profitability produced a significant rise in normalised Return on Embedded Value, to 14.4% (11.7% at 30 June 2006). Embedded Value gained 5% in the first six months to reach 27,014 million. The aggregate operating result was 2,880.5 million, an increase of 28.3% over the year-earlier period (+21.1% excluding Toro). The Non-Life segment made a strong contribution with growth of 44.7% (+26.8% excluding Toro), as a result of the improvement in industrial and financial operations, especially in Italy and France. The Life business also posted a good operating result (+24.1%; +20.1% without Toro), reflecting the strong increase in net investment income and the impact of measures to improve operational efficiency. Total premium income, including investment contracts, was 34,446.0 million, a YoY increase of 5.1% (+1.1% on a like-for-like basis). SALE OF NUOVA TIRRENA AND SHARE BUY-BACK The Board of Directors of Assicurazioni Generali decided to accept the offer made by Groupama SA to purchase 100% of Nuova Tirrena, for an overall amount of 1,250 million. Nuova Tirrena, a company of the Toro Group, is a Non-Life insurance provider with a strong base in central and southern Italy. In 2006 it reported premium income of 814 million. The transaction was simultaneously approved by the Board of Directors of Toro Assicurazioni. The implied multiples of this transaction are at a premium to those paid by Generali for the acquisition of the Toro Group, and will generate a capital gain of approximately 240 million. From an industrial viewpoint, the sale is a further step in the optimization of the Group s geographical presence in Italy and permits recovery of resources for international growth. The transaction is subject to the approval of the regulatory and industry authorities. In light of the sale of Nuova Tirrena, which will be transacted entirely in cash, and of the excellent half-year results for 2007, which reflect strong internal generation of capital, the Board of Directors decided to resume its share-buyback program, suspended at the time of the acquisition of Toro Assicurazioni. One of the resolutions carried at the Shareholders' Meeting of 29 April 2006 authorised the buyback program for a period of 18 months as from the resolution date. In line with current legislation and with the aforementioned shareholder resolution, Generali intends to repurchase its own shares up to a maximum amount of 1.5 billion. Given the above, Generali would expect the Group's credit ratings to remain unchanged. 2

3 PERFORMANCE BY LINE OF BUSINESS Life segment Highlights (million ) New business value % APE % Operating result % TOTAL , % 1, The Life operating result was 1,784.8 million, a YoY improvement of 24.1% (+20.1% excluding the Toro Group which accounted for 58.3 million). Gross premiums written, including investment contracts, amounted to 23,226.3 million, substantially unchanged compared with the previous half-year, despite the premium downturn in the Italian bank assurance channel. In this context, the excellent performance of the Group s proprietary channels in Italy and its positive growth in France, Spain, Central and Eastern Europe and Latin America boosted new business in terms of APE to 2,187.9 million, a rise of 6.4% (+4.9% on a like-for-like basis). Total new business value (Life and Asset Management) amounted to 535 million, a YoY increase of 22%. Life new business value made strong progress to 487 million (+19.3% from 30 June 2006). Life and Asset Management value in force (VIF) was 12.9 billion, up 5.9% on the year-earlier period. On a market-by-market basis, Italy showed a 14.2% increase in new business value to 222 million ( 195 million in the first half of 2006) as a result of higher APE (+4.8%) and the higher incidence of products with larger margins. In international markets, new business value made significant progress (+24%) from 214 million to 265 million. The result was driven by healthy performance in France, where new business value gained 31.6% and APE rose by 13.3%. Non-Life segment Highlights Expense ratio (%) p.p. Loss ratio (%) p.p. Combined ratio (%) p.p. Operating result (million ) TOTAL 26.9% % % % Non-Life consolidated premium income increased by 17.0% from the year-earlier period to 11,219.7 million (+3.4% on a like-for-like basis). Italy, France and Spain reported improvements, while the largest increases came in the emerging Central and Eastern European countries and in Latin America. The operating result was million, +44.7% on the year-earlier period (+26.8% excluding the Toro Group). The increase reflected the sharp rise in the technical result and the healthy performance in financial operations. 3

4 Specifically, in Italy, the operating result, including holding costs, rose from million in the first half of 2006 to million, (+153.9%; +62.4% excluding Toro). The improvement reflected the contribution of Toro ( million) and the stronger technical and financial profitability of the Italian operations that were not in line with the parent company standards. The combined ratio improved to 95% from 95.9% at 30 June 2006, despite the impact of hurricane Kyrill, whose effects were strongest in Germany and Austria; the storm s overall impact, net of reinsurance, was 103 million. The combined ratio improvement arose largely in Italy, with progress of 3.2 percentage points to 95.5%, and France, with 0.9 percentage points to 96.1%. The loss ratio for the Non-Life business net of outwards reinsurance decreased to 68.1% (69.2% in the year-earlier period). The expense ratio was stable at 26.9% (26.7% in the year-earlier period). Financial Services The operating result in Financial Services was million (+4.4% YoY). Assets under management amounted to 359,151.6 million (+5.7% from the end of 2006). Asset management accounts for the bulk of the Financial Services business and focuses largely on management of the financial instruments of the Group companies. BSI and Banca Generali are the Group s two principal third-party asset management businesses. Additional highlights Total investments amounted to 340,412.6 million, up by 2.0% over 31 December Own investments, excluding those whose risks are borne by policyholders, increased to 288,748.6 million ( 285,855.1 million at the end of 2006). Fixed income securities accounted for 77.8% of investments, equities for 13.6%, real estate for 4.3% and other investments for 4.3%. As part of an investment policy focused on a correct match between asset/ liability duration, Group strategy was designed to ensure a correct risk/yield balance: more than 78% of investments are bonds with AA ratings. Operating income from investments soared to 10,058.8 million (+77.3% over last year). This sharp rise was largely due to net operating income of 3,175.0 million on financial instruments at fair value through profit or loss, against a loss of million. The result was counterbalanced by a corresponding increase in technical reserves in the Life segment. Interest expense on liabilities linked to financing activities amounted to million (+63.0%). The increase was largely due to subordinated loan issues relating to the acquisitions of Total shareholders equity amounted to 18,873.6 million ( 18,732.4 million at 31 December 2006). Specifically, Group shareholders equity was 15,467.3 million ( 15,206.5 million at the end of 2006). Minority interest was 3,406.4 million. Half-year highlights i) External growth: The Group continued its growth in high-potential markets. It recently signed the final contracts with the PPF Group for the Generali PPF Holding joint venture, which will be one of the largest players in Central and Eastern Europe, with premiums of 2.6 billion and more than 9 million clients. The operation, which is subject to the approval of 4

5 the regulatory and industry authorities, accelerates growth strategies in one of the regions of greatest interest to the insurance sector and creates a solid platform for further development opportunities in neighbouring areas. In Austria, the Group expanded its bank assurance distribution network through an agreement with Bawag, for product placement through the Austrian Post Office. In China, through the Generali China Insurance Company, the Group has begun operations on the Non-Life market. ii) Group re-organisation program. The on-going corporate re-organisation and the measures taken to raise efficiency produced significant improvements in the Group s technical profitability. Specifically, in Italy, the plan for the integration of Toro with the Group is moving ahead fast. In France, the re-organisation to concentrate insurance operations in just two companies continued. iii) Supplementary pensions. In Italy, the supplementary pension reform was a major event in the Life sector: employees were required to indicate, by the end of June, whether they wished to transfer their severance entitlement to pension funds or keep them with their employer. Although the reform did not have an impact on half-year premiums, the initial information obtained indicates that the Generali Group is one of the market leaders FULL-YEAR OUTLOOK The Group expects its full-year results to be up on 2006, also on a like-for-like basis, although the impact on costs of Italy s new laws regarding agency mandates and direct compensation of damages cannot be quantified in full at the present time. *** Benoit Jaspar, the Officer responsible for preparing the company accounts declared, pursuant to article 154-bis, par 2, of the Consolidated Finance Act, that, on the basis of the information available to him by virtue of his position, the consolidated half-year report at 30 June 2007 and further accounting data exposed in the press release are in conformity with he documented results, to the accounting books and to the accounting entries. THE PARENT COMPANY The Parent Company reported a profit of 1,027.3 million compared with a 2006 normalised profit of 1,027 million including the incorporation of Generali Vita at the end of 2006 and the impact of the realigned accounting treatment of inward reinsurance. Additionally, the 2006 result reflected an extraordinary capital gain of 180 million on the sale of the BNL equity investment. Attached are the highlights and the consolidated and parent company profit and loss account and balance sheet. Further details are provided in the half-year report and the financial analysts' presentation, to be published shortly on the corporate web site *** In connection with the current Regulation, the Board of Directors approved execution of the stock option plan for the Chairman and the CEOs for options to be granted during the financial year ending 31 December 2007, and the third cycle of the stock option plan for managerial and non-managerial staff of Generali and the Group companies. 5

6 In this connection, the Board of Directors adopted the following resolutions: a) with reference to the portion of the Plan concerning the Chairman of the Board of Directors, to grant to the Chairman, with effect from today, 500,000 stock options for an equivalent number of the company s ordinary shares, b) with reference to the portion of the Plan concerning the CEOs, to raise share capital by a maximum amount of 1,000,000, conditional upon the grant to each of the above officers, by virtue of their positions as General Managers of the Company, with effect from today, of 500,000 stock options for an equivalent number of the company s ordinary shares with the same attributes as the outstanding shares, and c) regarding the third cycle of the stock option plan for Group managers, to increase share capital by a maximum amount of 2.4 million. * * * The CEOs Sergio Balbinot and Giovanni Perissinotto will hold a conference call today at 16:00 CET to illustrate the Group results at 30 June The entire presentation may be followed in real time on the site firsthalfresults/ or by dialling the following numbers (for listening only): Italy: UK: USA: DEFINITIONS AND GLOSSARY The Operating Result was defined by reclassifying the components making up the pre-tax profit for the year for each line of business and by considering the specific characteristics of each segment. In particular, in the Life and Financial Services segments, all profit and loss items were considered, with the exception of the following items that contribute to the non-operating result: 1. interest expense on borrowings; 2. realised gains and losses as well as unrealised profits and losses on shareholdings, equity investments and investments of strategic importance to the Group, net, in the Life segment, of the estimated quota borne by policyholders; 3. other net non-operating costs, mainly the results of discontinued operations governed by IFRS 5, and corporate restructuring costs. In Germany and Austria, in order to take account of the specific method used to calculate profits attributed to policyholders on the basis of the net profit for the year, the non-operating result of the Life segment in these countries was calculated entirely net of the estimated quota borne by policyholders. In order to guarantee a greater comparability with the main European competitors, as from the first quarter of 2007, operating result of Germany and Austria was not adjusted for estimated income taxes attributable to the policyholders. In the Non-Life segment, all profit and loss items were considered, with the exception of the following items that contribute to the nonoperating result: 1. interest expense on borrowings; 2. realised gains and losses as well as unrealised profits and losses on investments; 3. other net non-operating costs, principally the results of discontinued operations governed by IFRS 5, measurement losses on property for own use and corporate restructuring costs. Annual Premium Equivalent (APE) 3 = the sum of the initial premium on new annual-premium policies, plus one-tenth of premiums on new single-premium policies. This is the premium base used to compute Life new business value. Combined Ratio = Expense Ratio (general and acquisition costs on net written premiums) + Loss Ratio (claims incurred on net earned premiums). Embedded Value 1 = NAV adjusted + VIF. Value in Force (VIF) 3 = Expected present value of future profits arising on the Life business in force less cost of solvency capital. New Business Value (NBV) 3 = Present value of future profits from business issued in the period less cost of solvency capital, at issue date. RoEV (Return on Embedded Value) = (EV at period-end EV at beginning of period ± capital movements/dividends) / EV at beginning of period. PRESS OFFICE INVESTOR RELATIONS Tel Tel Tel Tel Tel Tel Net of minority interests 6

7 Group highlights ( million) 30/06/ /06/2006 Result of the period 1, ,403.3 Operating result 2, ,244.3 Net earned premiums 31, ,072.2 Premiums related to investment contracts Net earned premiums including premiums related to investment contracts 32, ,571.7 Gross premiums written 34, ,774.3 Change on equivalent terms (*) 1.1% 2.9% Acquisition and administration costs related to insurance business 4, ,284.4 Expense ratio 15.1% 14.0% Operating result - life segment (**) 1, ,438.0 Net life premiums 22, ,201.6 Premiums related to investment contracts Net life premiums including premiums related to investment contracts 22, ,701.1 Gross life premiums written 23, ,181.8 Change on equivalent terms (*) 0.0% 3.3% Acquisition and administration costs - life segment 2, ,179.5 Expense ratio - life segment 10.3% 9.6% APE 2, ,055.4 Operating result - non-life segment (**) Net non-life earned premiums 9, ,870.6 Gross non-life premiums written 11, ,592.5 Change on equivalent terms (*) 3.4% 1.8% Acquisition and administration costs - non-life segment 2, ,104.9 Expense ratio - non-life segment 26.9% 26.7% Loss ratio - non-life segment 68.1% 69.2% Combined ratio - non-life segment 95.0% 95.9% Operating result - financial segment (**) Total income - financial segment Total expenses - financial segment ( million) 30/06/ /12/2006 Investments 340, ,744.0 Net insurance provisions (1) 307, ,835.5 Net insurance provisions - life segment (1) 276, ,856.0 Net insurance provisions - non-life segment (1) 30, ,979.5 Shareholders' equity attributable to the Group (2) 15, ,206.5 (*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year, and taking into account premiums related to investment contracts. (**) The amounts are calculated gross of consolidation adjustments. (1) The amounts are calculated net of consolidation adjustments. (2) The result of the period is included in shareholders' equity attributable to the Group. 7

8 Group Balance Sheet and Profit & Loss Account BALANCE SHEET - ASSETS 30/06/ /12/ INTANGIBLE ASSETS 6, , Goodwill 4, , Other intangible assets 1, , TANGIBLE ASSETS 3, , Land and buildings (self used) 2, , Other tangible assets AMOUNTS CEDED TO REINSURERS FROM INSURANCE PROVISIONS 5, , INVESTMENTS 340, , Land and buildings (investment properties) 11, , Investments in subsidiaries, associated companies and joint ventures 1, , Held to maturity investments 1, , Loans and receivables 56, , Available for sale financial assets 190, , Financial assets at fair value through profit or loss 80, ,671.8 of which financial assets where the investment risk is borne by the policyholders and related to pension funds 51, , RECEIVABLES 11, , Receivables arising out of direct insurance operations 8, , Receivables arising out of reinsurance operations , Other receivables 1, , OTHER ASSETS 14, , Non-current assets or disposal groups classified as held for sale Deferred acquisition costs 1, , Deferred tax assets 3, , Tax receivables 2, , Other assets 6, , CASH AND CASH EQUIVALENTS 7, ,120.4 TOTAL ASSETS 389, ,

9 BALANCE SHEET - SHAREHOLDERS' EQUITY AND LIABILITIES 30/06/ /12/ SHAREHOLDERS' EQUITY 18, , Shareholders' equity attributable to the Group 15, , Share capital 1, , Other equity instruments Capital reserves 4, , Revenue reserves and other reserves 5, , (Own shares) Reserve for currency translation differences Reserve for unrealized gains and losses on available for sale financial assets 2, , Reserve for other unrealized gains and losses through equity Result of the period 1, , Shareholders' equity attributable to minority interests 3, , Share capital and reserves 2, , Reserve for unrealized gains and losses through equity Result of the period OTHER PROVISIONS 1, , INSURANCE PROVISIONS 312, ,440.8 of which insurance provisions for policies where the investment risk is borne by the policyholders and related to pension funds 45, , FINANCIAL LIABILITIES 37, , Financial liabilities at fair value through profit or loss 7, ,642.7 of which financial liabilities where the investment risk is borne by the policyholders and related to pension funds 6, , Other financial liabilities 29, ,225.3 of which subordinated liabilities 6, , PAYABLES 7, , Payables arising out of direct insurance operations 3, , Payables arising out of reinsurance operations Other payables 2, , OTHER LIABILITIES 11, ,663.3 Liabilities directly associated with non-current assets and disposal groups classified 6.1 as held for sale Deferred tax liabilities 4, , Tax payables 1, , Other liabilities 5, ,281.8 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 389, ,

10 PROFIT AND LOSS ACCOUNT 30/06/ /06/ Net earned premiums 31, , Gross earned premiums 32, , Earned premiums ceded -1, , Fee and commission income and income from financial service activities Net income from financial instruments at fair value through profit or loss 3, of which net income from financial instruments where the investment risk is borne by the policyholders and related to pension funds 2, Income from subsidiaries, associated companies and joint ventures Income from other financial instruments and land and buildings (investment properties) 8, , Interest income 4, , Other income 1, , Realized gains 1, , Unrealized gains and reversal of impairment losses Other income TOTAL INCOME 44, , Net insurance benefits and claims 33, , Claims paid and change in insurance provisions 34, , Reinsurers' share Fee and commission expenses and expenses from financial service activities Expenses from subsidiaries, associated companies and joint ventures Expenses from other financial instruments and land and buildings (investment properties) 1, , Interest expense Other expenses Realized losses Unrealized losses and impairment losses Acquisition and administration costs 5, , Commissions and other acquisition costs 3, , Investment management expenses Other administration costs 1, , Other expenses 1, , TOTAL EXPENSES 41, ,011.4 EARNINGS BEFORE TAXES 2, , Income taxes EARNINGS AFTER TAXES 2, , RESULT OF DISCONTINUED OPERATIONS CONSOLIDATED RESULT OF THE PERIOD 2, ,742.3 Result of the period attributable to the Group 1, ,403.3 Result of the period attributable to minority interests EARNINGS PER SHARE: Earnings per share (in ) Diluted earnings per share (in )

11 Parent Company Highlights (in million euro) Financial Statements Normalized (b) Normalized (b) Total gross premiums Total gross premiums from direct business Change on equivalent term (a) Total gross premiums from indirect business Change on equivalent term (a) Acquisition and administration costs Impact on premiums Life gross premiums Change on equivalent term (a) Life gross premiums from direct business Change on equivalent term (a) Life gross premiums from indirect business Change on equivalent term (a) Life acquisition and administration costs Impact on premiums Non-life gross premiums Change on equivalent terms (a) Non-life gross premiums from direct business Change on equivalent terms (a) Non-life gross premiums from indirect business Change on equivalent terms (a) Non-life acquisition and administration costs Impact on premiums Non-life loss ratio Non-life net combined ratio Current financial result Technical provisions Investments Capital and reserves Net profits 4, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,491.1 (c) 8,962.0 (c) 9, ,027.3 (c) 1,069.5 (c) 1,213.6 (a) At equivalent exchange rates (b) Adding Generali Vita items and excluding the effect of the alignment of reinsurance (c) Non-normalized data 11

12 Parent Company Balance Sheet and Profit & Loss Account COMPANY: Assicurazioni Generali S.p.A. ASSETS At June 30 of current year At June 30 of previous year BALANCE At December 31 of previous year A. Subscribed capital unpaid B. Intangible assets 1. Acquisition commissions to be amortised Other intangible assets 3 153, , ,528 Total 4 153, , ,528 C. Investiments I - Lands and buildings 5 1,348, ,327, ,342,295 II - Investments in affiliated companies and other shareholdings 1. Equities 6 20,695, ,792, ,492, Debt securities 7 295, , , Loans 8 10, , ,698 Total investments in affiliated companies and other shareholdings 9 21,002, ,842, ,809,960 III - Other financial investments 1. Equities 10 2,758, , ,815, Shares in common investment funds 11 1,006, , , Debt securities and other fixed-income securities 12 19,079, ,062, ,612, Loans , , , Other , , ,089 Total other financial investments 15 23,546, ,472, ,669,416 IV - Deposits with ceding companies 16 9,469, ,491, ,461,023 Total 17 55,367, ,134, ,282,694 D. Investments for the benefit of life-assurance policyholders who bear the investment risk and relating to the administration of pension funds I Investments for the benefit of life-assurance policyholders who bear the investment risk 18 1,049, , ,082,645 II Investment relating to the administration of pension funds , ,780 Total 20 1,238, , ,260,425 D.bis Reinsurance amounts of technical provisions I - Provisions for non-life insurance business 21 1,339, ,360, ,390,441 II - Provisions for life insurance business (excl. provisions indicated at point III) , ,684 #### 219,329 III - Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds Total 24 1,578, ,514, ,609,770 E. Debtors I - Debtors arising out of direct insurance operations 25 1,461, , ,396,356 II - Debtor arising out of reinsurance operations , , ,303 III - Other debtors 27 1,109, , ,941 Total 28 3,357, ,363, ,858,600 F. Other assets I - Tangible assets and stocks 29 4, , ,098 II - Cash at bank and in hand , ,131, ,698 III - Own shares , , ,952 IV - Other , , ,714 Total , ,432, ,152,462 G. Prepayments and accrued income , , ,142 TOTAL ASSETS 35 63,135, ,790, ,778,621 12

13 SHEET LIABILITIES Company code (Amounts in thousand euro) A. Shareholders' funds I - Subscribed capital or equivalent funds 36 1,406, ,276, ,277,764 II - Share premium account 37 3,533, ,619, ,645,272 III - Legal reserve , , ,302 IV - Other reserve 39 4,262, ,776, ,009,462 V - Profit or loss brought forward VI - Profit or loss for the period 41 1,027, ,069, ,213,644 Total 42 10,518, ,031, ,435,444 B. Subordinated liabilities 43 3,705, ,755, ,781,540 C. Technical provisions I - non-life insurance business 1. Provision for unearned premiums 44 1,627, ,556, ,631, Provision for outstanding claims 45 7,199, ,506, ,333, Other provisions 46 6, , , Equalisation provision 47 8, , ,858 Total provisions for non-life insurance business 48 8,840, ,076, ,977,736 II - life insurance business 1. Mathematical provision 49 30,593, ,970, ,848, Provision for outstanding claims , , , Other provisions , , ,656 Total provisions for life insurance business 52 31,480, ,390, ,663,360 Total 53 40,321, ,466, ,641,096 D. Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds I - Provisions relating to contracts linked to investments funds and market index 54 1,046, , ,078,519 II - Provisions relating to the administration of pension funds , ,780 Total 56 1,234, , ,256,299 E. Provisions for other risks and charges , , ,358 F. Deposits received from reinsurers , , ,058 G. Creditors I - Creditors arising out of direct insurance operations , , ,357 II - Creditors arising out of reinsurance operations , , ,375 III - Debenture loans 61 2,500, ,500, ,500,000 IV - Amounts owed to credit institutions 62 4, , ,024,634 V - Other financial liabilities 63 2,952, ,367, ,713,964 VI - Provisions for severance pay 64 28, , ,156 VII - Other liabilities , , ,621 Total 66 6,652, ,676, ,817,107 H. Accruals and deferred income , , ,719 TOTAL LIABILITIES 68 63,135, ,790, ,778,621 GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS At June 30 At June 30 At December 31 of current of previous of previous year year year I. Guarantees issued 69 6,610, ,524, ,521,533 II. Guarantees received or issued by third parties in the interest of the Company 70 12, , ,206 III. Commitments 71 4,960, ,490, ,495,442 IV. Assets belonging to pension funds managed in the name and in the interest of third parties , ,979 V. Other evidence accounts 73 25,145, ,033, ,772,939 TOTAL EVIDENCE ACCOUNTS 74 36,915, ,601, ,456,099 13

14 COMPANY: Assicurazioni Generali S.p.A. I. TECHNICAL ACCOUNT - NON-LIFE INSURANCE BUSINESS PROFIT AND At June 30 At June 30 At December 31 of current of previous of previous year year year 1. Earned premiums, net of reinsurance 1 1,528, ,752, ,256, (+) Allocated investment return transferred from the non-technical account (item III. 6) 2 313, , , Other technical income, net of reinsurance 3 25, , , Claims incurred, net of recoveries and reinsurance 4 1,104, ,372, ,430, Change in other technical provisions, net of reinsurance Premium refunds and profit sharing, net of reinsurance , Operating expenses a) Acquisition costs net of reinsurance commissions and profit sharing 7 228, , ,067 b) Administrative expenses 8 143, , ,619 Total 9 371, , , Other technical charges, net of reinsurance 10 80, , , Change in the equalisation provision 11 1, , Balance on the technical account for non-life business , , ,705 II. TECHNICAL ACCOUNT - LIFE ASSURANCE BUSINESS 1. Premiums written, net of reinsurance 13 2,789, ,210, ,003, Investment income a) Income from investments 14 1,486, ,311, ,499,849 b) Value writte-ubs on investments 15 2, c) Realised gaims on investments 16 94, , ,412 Total 17 1,583, ,313, ,506, Income and unrealised gains on investments for the benefit of policyholders who bear the investment risk and on investment relating to the administration of pension funds 18 94, , , Other technical income, net of reinsurance 19 1, Claims incurred, net of reinsurance 20 2,394, ,689, ,410, Change in mathematical and other technical provisions, net of reinsurance a) Mathematical provision, unearned premium provision for supplementary coverage and other provisions , , ,684 b) Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds 22-20, , ,836 Total , , , Premium refunds and profit-sharing, net of reinsurance 24 7, , , Operating expenses a) Acquisition costs net of reinsurance commissions and profit sharing , , ,751 b) Administrative expenses 26 61, , ,653 Total , , ,404 14

15 LOSS ACCOUNT Company code (Amounts in thousand euro) 9. Investment charges a) Investment management charges, including interest 28 77, , ,978 b) Writte-downs on investments , , ,986 c) Realised losses on investments 30 22, ,372 Total , , , Expenses and unrealised losses on investments for the benefit of policyholders who bear the investment risk and on investment relating to the administration of pension funds 32 38, , , Other technical charges, net of reinsurance 33 30, (-) Allocated investment return transferred to the non-technical account (item III.4) , , , Balance on the technical account for life business , , ,250 III. NON TECHNICAL ACCOUNT At June 30 At June 30 At December 31 of current of previous of previous year year year 1. Balance on the technical account for non-life business (item I. 10) , , , Balance on the technical account for life business (item II. 13) , , , Non-life investment income a) Income from investments , , ,239 b) Value writte-ubs on investments 39 27, , ,928 c) Realised gaims on investments 40 77, , ,326 Total , , , (+) Allocated investment return transferred from the life technical account (item II. 12) , , , Investment charges for non-life business a) Investment management charges, including interest 43 16, , ,788 b) Writte-downs on investments 44 41, , ,885 c) Realised losses on investments 45 25, , ,732 Total 46 83, , , (-) Allocated investment return transferred to the non-life technical account (item I. 2) , , , Other income 48 83, , , Other charges , , , Result from ordinary activity , , , Extraordinary income 51 64, , , Extraordinary charges 52 37, , , Extraordinary profit or loss 53 27, , , Result before taxation 54 1,022, ,073, ,164, Income taxes 55-4, , , Profit (loss) for the year 56 1,027, ,069, ,213,644 15